HERBERT R. O'CONOR, GOVERNOR. 935

h. Ground rents in the District of Columbia or any State
of the United States of America, provided, that in the case of
unexpired redeemable ground rents the premiums paid, if any,
shall be amortized over the period between date of acquisition
and earliest redemption date or charged off at any time prior
to redemption date; and in the case of expired redeemable
ground rents the premium paid, if any, shall be charged off at
the time of acquisition. Redeemable ground rents purchased
at a discount shall be carried at an amount not greater than
the cost of acquisition.

i. Collateral loans secured by pledge of any security named
in sub-paragraphs, a, b, e, d, e, f, g and h; provided that the
current market value of such pledged securities shall be at all
times during the continuance of such loans at least 10% more
than the unpaid balance of the amount loaned on them. All
such loans shall be subject to the power of the Company to
terminate them in case of the depreciation of the pledged
securities below this limit.

j. Loans upon the policies of the Company; provided, that
each loan is not greater than the net reserve of the policy on
which the loan is made, according to the standard valuation
prescribed in this article.

k. Unencumbered real estate for the office and business pur-
poses only of said company, except as authorized by sub-para-
graphs g and h; provided, however, that the value of all real
estate of such kind and for such purposes, however acquired,
shall not exceed 20% of the company's total admitted assets.
Any company shall have the right to purchase and hold real
estate under a foreclosure of its own mortgages for a period of
not more than five years; provided, however, the Insurance
Commissioner may, in his discretion, grant an extension or
extensions not exceeding five years each, of the period within
such real estate may be held,, that in his judgment may be neces-
sary to serve the best interest of the company and its policy-
holders; provided, further, however, before the Commissioner
shall have refused to grant an extension or extensions not ex-
ceeding five years each, of the period within which such real
estate may be held, the value thereof shall be ascertained as
provided in subdivision (2)d and if found to be equal to or in
excess of the book value of such real estate, then he shall grant
an extension or extensions not exceeding five years each, of the
period in which such real estate may be held. A company
may, with the written approval of the Insurance Commissioner,
acquire property in part payment of the consideration on the
sale of real estate owned by it if each such transaction shall
affect a net reduction in the company's investment in real